Pia Nykänen
Sydney,Australia
Summary
Accomplished risk management leader with expertise in both financial and non-financial risk within the Banking sector in Europe and Australia. Proven track record in building high-performing teams and leading transformation initiatives to strengthen risk management frameworks and risk culture. Adept in navigating complex regulatory environments and maintaining strong relationships with stakeholders, including regulators and Boards. Committed to improving customer and business outcomes through sound risk management practices.
Overview
18
18
years of professional experience
Work History
Head of Operational Design Controls and Resilience
ING Australia
Sydney , Australia
09.2024 - Current
- Leading enterprise-level Line 1 risk and control function of 39 employees, ensuring the bank's non-financial risk, compliance, and operational resilience practices are effective and aligned with regulatory and policy standards, and business strategy.
- Led organisational restructuring of Line 1 functions that resulted in enhanced efficiency in risk management processes and decision making, increased role clarity and achieved cost savings.
- Act as a trusted advisor to the Executive and Board level committees, providing clear risk insights that drive better decision making and measurable uplift in risk management maturity, balancing risk and reward. Key outcomes to date include timeliness and quality of issue and event management practices, and improvements in management's ability to self-identify and remediate issues.
- Oversee the bank's risk culture and capability assessments utilising surveys and quantitative data, collaborating with Executive team to outline action plans for enhancing risk culture.
- Leading the implementation and oversight of Third Party Risk Management and Operational Resilience frameworks.
Head of Risk Framework Improvement
ING Australia
Sydney, Australia
09.2021 - 08.2024
- Led a multi-year risk transformation program from initial setup to successful implementation and embedding. The program outcomes led to material improvements in the bank's risk management capabilities, culture, processes, and systems.
- Implemented a comprehensive risk culture framework and assessment methodology, and enhanced ING Australia's risk awareness, resulting in improved risk culture maturity.
- Enhanced risk management accountabilities and role clarity by realigning the 3 Lines of Defence model, including moving risk activities from Line 2 to Line 1, enhancing the performance and reward framework to include risk targets for all staff, and remediating deficiencies in BEAR/FAR accountabilities.
- Designed a structured risk capability assessment methodology, and rolled out the assessment across all business units. The outcomes support risk capability uplift at the individual, team, and bank levels.
- Implemented a new Governance, Risk, and Compliance (GRC) system to improve risk reporting and remove old, manual processes related to compliance obligations.
- Comprehensive simplification of the risk management governance structures and review of all committee reporting supporting better risk decision making.
- Led a cross-functional program delivery team of over 35 full-time employees, and managed program financials within the approved budget.
- Established and managed program governance, including Executive Steering Committee, Board oversight, external assurance arrangement and regulatory oversight.
Head of Regulatory Risk
ING Australia
Sydney, Australia
12.2018 - 08.2021
- Led a team responsible for regulatory interactions, identifying material regulatory risks, overseeing of the bank's preparedness to meet regulatory changes and representing the bank in external industry forums for regulatory matters.
- Developed strategies for regulatory interactions and inquiries, and industry consultations on changing regulations and informed and advised Executives and Board Risk Committee on regulatory matters.
- Established and implemented Regulatory Interactions and Regulatory Change frameworks resulting in uplift in maturity and quality of the bank's regulatory interactions and deliverables.
- Supporting the CRO and the Board setting Risk Appetite Statement and Risk Management Strategy. Materially redefined the Risk Appetite Statement in cooperation with members of the Board Risk Committee.
- Developed and launched Policy House for ING Australia. This included setting clear standards and governance structure for policy documents and review processes.
- Established a high-achieving team with a strong team culture.
Project Lead
ING Australia
Sydney, Australia
01.2018 - 11.2018
- Led implementation of new Asset and Liability Management system to replace outdated risk and finance tools. Responsible for the project outcomes and reporting on progress to the project steering committee.
- Responsible for the initial project set up including project scope and roadmap, resourcing the project team, and setting up project governance (steering committee, working groups).
Head of Market Risk (acting)
ING Australia
Sydney, Australia
08.2016 - 12.2017
- Led a team responsible for market risk policies, methodologies, reporting and model development (regulatory and behavioral models).
- Led the model development of the regulatory interest rate risk in banking book (IRRBB) models for ING Australia's successful application to use internal model approach for IRRBB regulatory capital (advanced accreditation).
- Reduced errors and full-time employee hours by automating market risk report production.
- Defined and implemented risk appetite, policies and risk management strategy in consultation with the relevant business lines.
- Acted as Asset and Liability Management Committee (ALCO) secretary and organized meeting agendas and reporting packs.
Lead Market Risk Analyst
ING Bank Australia
Sydney, Australia
02.2015 - 07.2016
- Responsible for market risk and liquidity and funding risk reporting, including reporting to Australian and European regulators, Asset and Liability Committee (ALCO), Board Risk Committee and senior management.
- Significantly improved the quality of the market risk reporting and analysis through developing the capabilities of the young team and improving reporting control environment.
- Reviewed and developed Asset and Liability Management (ALM) policies and risk appetite, ensuring compliance with prudential standards and ING's global policies.
Market Risk Officer
ING Bank
Amsterdam, the Netherlands
05.2011 - 01.2015
- Led the design, writing, and implementation of Retail Risk Framework across ING Retail locations. By implementing the framework ING successfully closed several audit points raised by the Dutch banking regulator (DNB).
- Senior oversight role for market risk in ING Retail Bank locations including communication and coordination on market risk topics with local Heads of Market Risk Management, CROs and Treasurers, review, and assessment of proposals, rolling out new market risk models and policies.
- Sort term assignment ING Bank Turkey in Istanbul (09/2013-12/2013): Led a cross departmental project team (Treasury, Market Risk, Finance, IT). Implemented Bank Treasury book structure and liquidity and funding risk framework.
Risk Analyst | ING International Talent Programme
ING Bank
Amsterdam, the Netherlands
07.2008 - 04.2011
- Rotations as Market Risk and Credit Risk Analyst
Research Economist
Research Institute for the Finnish Economy
Helsinki, Finland
01.2008 - 06.2008
- Developed quantitative performance indicators for Finnish universities and presented the results in a press conference to national media. Final research paper published by the Finnish Central Chamber of Commerce
Education
CEMS Master in International Management - International Management
Copenhagen Business School
Copenhagen, Denmark12.2008
Master of Science - Economics; Quantitative Methods
Helsinki School of Economics
Helsinki, Finland12.2007
Skills
- Risk governance and policy development
- Risk culture transformation
- Non-financial risk management
- Regulatory compliance and liaison
- Market risk management
- Data driven risk insights
- Risk modeling
- Leadership
Nationality
Finnish and Australian
Languages
Finnish
Native/ Bilingual
English
Full Professional
Dutch
Professional
Spanish
Limited
French
Limited
Swedish
Limited
References
References available upon request.
Timeline
Head of Operational Design Controls and Resilience
ING Australia
09.2024 - Current
Head of Risk Framework Improvement
ING Australia
09.2021 - 08.2024
Head of Regulatory Risk
ING Australia
12.2018 - 08.2021
Project Lead
ING Australia
01.2018 - 11.2018
Head of Market Risk (acting)
ING Australia
08.2016 - 12.2017
Lead Market Risk Analyst
ING Bank Australia
02.2015 - 07.2016
Market Risk Officer
ING Bank
05.2011 - 01.2015
Risk Analyst | ING International Talent Programme
ING Bank
07.2008 - 04.2011
Research Economist
Research Institute for the Finnish Economy
01.2008 - 06.2008
CEMS Master in International Management - International Management
Copenhagen Business School
Master of Science - Economics; Quantitative Methods
Helsinki School of Economics